AXA Investment Managers (AXA IM) has launched the AXA Investment Managers Collective Investment Trust (AXA IM CIT) in order to bolster the firm’s offering to US clients.
The trust launched by the Paris-headquartered group targets US investors from defined contribution (DC) and defined benefit (DB) plans.
Within the AXA Investment Managers CIT, AXA IM provides clients with three strategies: AXA IM U.S. High Yield Collective Investment Fund; AXA IM International Small Cap Equity Collective Investment Fund and AXA IM U.S. Small/Mid Cap Equity Collective Investment Fund.
AXA IM will serve as the investment adviser to all three funds, relying on the US-based investment teams that manage AXA IM’s existing offerings across multiple asset classes.
Global Trust Company, a Maine chartered bank with over $29bn in AUM, is trustee of the trust, and State Street Corporation is the trust’s custodian, administrator and transfer agent.
Steve Sexeny, head of North America Client Group, said: “We have seen increased investor demand for CITs as a low-cost investment alternative for 401(k) and 457 plans, and therefore, we believe this is an opportune time for AXA IM to launch these new vehicles.
“The launch of the AXA IM CIT highlights our commitment to the US market and our ambition to continue growing AXA IM’s presence in the region.”
AXA IM had $755bn (€672bn) in assets under management as of end of June 2016